US plans 200% tariff on Russian aluminum

The United States is preparing to impose a 200 per cent tariff on Russian-made aluminum as soon as this week, Bloomberg News reported on February 6, as Washington looks to mount pressure on Moscow over its invasion of Ukraine.

The Russian metal has also been targeted by the United States after being dumped by Moscow on the US market below cost, harming American companies, the report said, citing unnamed people familiar with the matter, Reuters reports, citing Bloomberg.

The move has been contemplated for months, the report added. Reuters reported last October that the Biden administration was weighing restrictions on imports of Russian aluminum in response to Moscow's military escalation in Ukraine.

The White House declined to comment on the Bloomberg report, which cited unnamed people familiar with the plans.

Spokespersons for the US Trade Representative's office and the US Commerce Department did not immediately respond to requests for comment.

The latter agency is responsible for investigating anti-dumping and anti-subsidy cases and in September 2021, imposed a 62.2 per cent tariff on imports of Russian aluminum foil after determining it was being sold under fair value.

Aluminum prices spiked last year, along with other commodities exported by Russia, with London Metal Exchange three month aluminum prices reaching a record of over $4,073 per tonne in March. They have fallen dramatically since then, to a likely range of about $2,441 to $2,500 per tonne this week.